Recession blues pull plug on two music firms

Monday 16 February 2009 14:18 BST

Two music-industry companies have fallen victim to the recession.

Trinity Street, which supplied music download services to bands including Oasis and Snow Patrol and organisations ranging from the Ministry of Sound to the BBC, has been put into administration by owner Ingenious Media Active Capital, a listed investment fund.

The Ministry of Sound website has had to shut temporarily. Lohan Presencer, chief executive of parent MSHK, said: "Our website gets 250,000 visits a week but we've had to close it down. That means lost sales for tickets and downloads. We were given categorical assurances as recently as last Friday that Trinity was perfectly sound. Now we can't get hold of the money they owe us."

Trevor Binyon of Tenon Recovery has been appointed administrator.

The sound-equipment firm behind the Marlin, Cobra and Stingray brands has also collapsed into administration. Carlsbro Electronics amplifiers have reportedly been used by stars including the Beatles, Oasis and Mick Jagger.

The Derbyshire firm, which was set up in 1959, had a £7 million annual turnover. It manufactured in China and distributed its music equipment worldwide.

Carlsbro's sole director and shareholder, Andrew Bishop, took over the business in 2001. Charles Escott, of administrators PKF, blamed the firm's collapse on "cashflow problems".